Aug. 26 (Bloomberg) -- Hassan Nemazee, chairman of Nemazee Capital Corp. and a fundraiser for President Barack Obama and Hillary Clinton, was freed on $25 million bail after spending a night in jail on a bank fraud charge.
Nemazee, 59, walked out of Manhattan federal court today accompanied by his attorney, Marc Mukasey. He must remain in his $20 million Manhattan apartment, where he’ll be subject to electronic monitoring.
Nemazee was charged yesterday with using phony documents to trick Citigroup Inc. into lending him as much as $74 million. The financier got the loan by telling Citibank he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said yesterday in a statement.
Nemazee, who also has an $8 million home in Katonah, New York, was held overnight in a detention center. Yesterday, U.S. Magistrate Judge Ronald Ellis called the $25 million bond, which Nemazee and prosecutors agreed to, the “most onerous” he had ever seen.
The financier used fake addresses and phone numbers controlled by him to mislead the bank, prosecutors said. The accounts “either never existed or had been closed years before Nemazee submitted the documents referencing those accounts,” Bharara said in the statement.
Just keep your mouth shut buddy, I am sure there is a pardon somewhere waiting for you.
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